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Funds rush to dodge new European rules
May 12, 2013--A controversial hedge fund-lite structure looks likely to survive, despite a regulatory clampdown that has claimed its first victim.
Cantab Capital Partners, a $5.5bn systematic global macro manager, last week announced the imminent closure of its only onshore Ucits fund as a result of pressure from European regulators. However, fund promoters are restructuring a swath of similar funds, advised by groups such as Winton Capital, Man Group and Aspect Capital, to get around
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Source: FT.com
BlackRock ETF deal gets Irish approval
May 12, 2013--The Irish Competition Authority has cleared BlackRock's acquisition of Credit Suisse's exchange traded fund arm following a two-month initial investigation.
The watchdog has decided the deal does not need to be further investigated and can go ahead as it does not restrict competition.
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Source: FT.com
Physical ETFs outpace synthetic funds
May 10, 2013--European physical exchange-traded funds have grown at twice the rate of synthetic ETFs since 2011, as scrutiny over the risks associated with synthetic products weighed upon the market.
Physical ETFs have grown by 35% in assets under management to €171.3bn since the start of 2011, according to a report from Deutsche Bank published yesterday.
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Source: Financial News
EBRD calls for urgent structural reforms as growth slumps
Slowdown in Russia is new source of weakness in region
May 10, 2013--The EBRD has called for urgent structural reforms in emerging Europe after winding back its economic forecasts.
The Bank revised down its overall outlook for growth to 2.2 per cent for 2013, well below the 3.1 per cent seen only four months ago.
It said the worsening mood reflected a slowdown particularly in Russia, even as the threat from turmoil in the eurozone appeared to be abating. Weaker activity in other large economies such as Poland and Turkey was also weighing on the outlook.
However, the report said the biggest downside risk to the outlook remained a possible further deterioration of the Eurozone crisis.
view the Regional Economic Prospects in EBRD Countries of Operations: May 2013
Source: European Bank for Reconstruction and Development
EBRD and Borsa Istanbul join forces
Memorandum of Understanding to develop regional capital markets
May 10, 2013--The European Bank for Reconstruction and Development and Borsa Istanbul are joining forces to develop regional capital markets.
To this end EBRD First Vice President Philip Bennett and Borsa Istanbul's Chairman and CEO Ibrahim Turhan signed a Memorandum of Understanding today which sets out a framework of cooperation.
This includes potential joint investments in stock exchanges and related capital markets infrastructure along with technical assistance in countries where the EBRD invests.
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Source: European Bank for Reconstruction and Development
NASDAQ OMX to Offer Pre-Trade Risk Management Service to Nordic Derivatives Members
May 10, 2013--NASDAQ OMX announced it has launched a new Pre-Trade Risk Management (PRM) service, Genium INET PRM, to its Nordic derivatives customers.
Genium INET PRM facilitates real-time pre-trade protection to mitigate erroneous orders and transactions. Through the service, member firms that trade derivatives on the NASDAQ OMX Genium INET platform are able to monitor their own order flow, including their Sponsored Access and Direct Market Access (DMA) clients. The service also allows for General Clearing Members (GCM) to monitor client transactions.
“The purpose of effective PRM is to preserve the cost and liquidity benefits of electronic trading, while providing an efficient tool for mitigating the possible risks,” said Lauri Rosendahl, Senior Vice President and Head of Nordic Equities at NASDAQ OMX.
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Source: NASDAQ OMX
LSE Said to Hire Schwieger From Merrill as Equities Head
May 10, 2013--London Stock Exchange Group Plc (LSE) hired Brian Schwieger from Bank of America Corp.'s Merrill Lynch unit, three people with knowledge of the plans said.
Schwieger will be based in London as head of equities at the exchange operator, said one of the people, who asked not to be identified because the details aren’t public.
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Bloomberg
DB-Synthetic Equity & Index Strategy-Europe Monthly ETF Market Review-Fixed income flows surge as the gold price falls
May 9, 2013--Global Summary
Global ETP industry assets breached the $2 trillion mark with an increase of 8.4% YTD, while the European ETP industry ended the month at €290.1bn.
The month of April was marked by cash inflows into fixed income (+$9.6bn) and equity ETFs (+$8.2bn), and cash outflows from commodity ETPs (-$9.3bn), notably gold products.
Gold ETPs have had a rough year so far. Globally, ETPs tracking gold have lost over $18bn in cash outflows YTD, with over $8.8bn making its way out of the markets in April alone. As of 30/04/13, the S&P500 has gained 12% YTD; the US dollar has become stronger by 2.5% while gold has declined by 12% over the same period. With equity markets generating positive returns and the US dollar trending higher, the sudden drop in gold prices in mid April (-7.7% for the month), appears to have come as a positive sign for the “risk-on” investor approach prevalent over the last couple of months. Notwithstanding the rush of retail investors in a few markets to buy physical gold, weak sentiment has ensured that the now regular outflows from gold ETPs continued over the month of April.
Regional cash flow summary
Fixed income ETFs had a healthy run; while equities and commodities receded in Europe
Cash flows into European domiciled ETFs went into negative territory over the month of April after gradually slowing down during the first quarter of the year. European domiciled ETFs received cash flows of +€4.6bn, +€1.7bn, +€0.2bn and -€0.4bn in the months of Jan'13, Feb'13, Mar'13 and Apr'13 respectively.
Fixed income ETFs had the largest share contributing +€1.7bn of the monthly cash flows. Conversely, equity ETFs and commodity ETPs recorded cash outflows of -€1.2bn and -€1bn respectively. Monthly cash outflows from European gold ETPs (-€880mn) took YTD losses to -€2.5bn.
Among equity segments, outflows continued from emerging (EM) and developed market (DM) benchmarked equity ETFs which recorded monthly outflows of -€1bn each during April. In contrast, style and strategy ETFs received positive cash flows of +€522mn and +€217mn respectively, partially offsetting losses from DM and EM products over the same period.
Equity continues to dominate cashflows in the US; fixed income inflows strong, but commodities witness further outflows
US ETFs experienced inflows of $17.8bn during April vs. +$18.8bn the previous month. Equity ETFs had the lion’s share of the monthly cash flows contributing +$10.2bn, with fixed income ETFs adding +$7.2bn. Commodity ETPs witnessed record monthly outflows totalling -$8bn primarily driven by outflows from gold ETPs (-$7.6bn) over April.
Within equities, ETFs focused on Japan, quantitative & dividend strategies and healthcare sector collected monthly cash inflows of +$4.2bn, +$2.8bn, +$2.8bn and +$1.4bn respectively. ETFs benchmarked to broad emerging markets and growth strategy experienced cash outflows of -$2.6bn and -$1bn respectively in April.
Fixed income ETFs received healthy cash flows of +$7.2bn with all the fixed income segments recording positive cash flows over the month of April. Corporates continued to attract healthy flows; +$2.9bn in monthly flows taking the total to +$7.9bn YTD. Sovereign and broad fixed income benchmarked ETFs received inflows of +$2bn and +$1.3bn respectively, over the same period.
Outflows from EM equities in Asia, strategy ETFs received healthy cash inflows
During the month of April, the Asia-Pacific ETP market witnessed monthly cash outflows of -$163mn setting the YTD monthly flows average at +$469mn (+$1.9bn YTD in total cash flows). Emerging market equity ETFs recorded outflows of -$1.2bn while strategy based equity ETFs registered inflows of +$0.8bn.
At the sub-segment level, leveraged long ETFs, South Korea focused, and financial sector ETFs recorded inflows of +$1bn, +$263mn, and +$176mn respectively. China, Japan focused and short strategy ETFs experienced outflows of -$1.4bn, -$179mn and -$170mn respectively during April. Sovereign ETFs gained traction with inflows of +$242mn over the same period.
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Source: Deutsche Bank -Synthetic Equity & Index Strategy -Europe
Bats Chi-X Europe Gets Recognized Exchange Status in U.K.
May 9, 2013--Bats Chi-X Europe will become a recognized investment exchange later this month, enabling it to compete with stock exchanges across Europe for primary listings.
The multilateral-trading facility’s new status will allow it to host listings for the first time, Bats Chi-X Europe said in a statement. The regulatory approval also means that investors with charters that oblige them to trade on registered stock exchanges can use the London-based company to carry out their transactions.
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Source: Bloomberg
ETF Stat April 2013--Borsa Italiana
May 9, 2013--The ETF Statistics of the ETF Plus Market for the month of April 2013 are now available.
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Source: Borsa Italiana
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